The performance of the construction industry, 1946-1965

INTRODUCTION PURPOSE OF THE STUDY: The purpose of this study is to advance economic knowledge of the construction industry and to develop criteria for economic policy for the industry and the national economy. The construction industry is one of the largest in the United States and is of enormous importance to its economy. Although several general studies have been published dealing with individual sectors or aspects of construction, no comprehensive examination of the entire construction industry is available. The need for an extensive study of construction is dictated by the central role the construction industry will play in the restoration of the nation's cities; the expansion of transportation, health and education al facilities; and other environmental aspects of the Great Society. In seeking ways to rejuvenate our largely urban economy, the construction industry is often cited for its vast potential to help fill the demand for housing, schools, roads and other types of construction. Although an enormous amount of progress has been made in the area of the engineering of construction, little has been said about the economic prerequisites — large scale markets, incentives to private industry, long-term views of public costing, industry reorganization, etc. — that might be necessary for the construction industry to fulfill most effectively its mission in the nation's economy. This study will therefore attempt to examine the economic constraints that hinder the successful adaptation of modern technology in large scale by the construction industry.